Should I buy a house in Toronto now ?
 

Thinking of moving back to Toronto after 20 years in US. The average price for a home in GTA is 650K, is this a bubble ? or is the price going keep going because of more and more Asians buying.

Jay

Lived in Scarborough through the 80s...got out just before the worst of the Asian invasion.

You couldn't pay me enough to move back to Toronna. Traffic is a nightmare (Asians can't drive worth shit)...house prices are ridiculous. I've heard the average house price is closer to $1mil.

What's luring you back to Toronto?

I used to live about an hour from there in a smaller city, but still a busy one. I've since moved further from Toronto lol.

A house I'm in now is huge and costs me fuck all and I'm surrounded by people I like with a decent yard.

I moved to toronto in 2008. Felt like it was a massive bubble back then. Bought and sold (should have bought and held). Is your purpose for moving to toronto an investment or lifestyle? I bought in london and it's massively overpriced here but it was in the area we wanted to call home so whether it's a bubble or not isn't really relevant.

I imagine in the next 5 years there could be some up and downs. But if you look 20 years from now that average price will be double what it is today.

I own a home in Toronto. I bought it in 2010 for 320k I could easily sell it today for 520k or more. I want to buy a larger home outside the city as we need the space. I plan on keeping this place and renting it out. As Shap said in 20 years it will probably be worth double what it is now.

smart appoach ...

I regret selling properties in the 1990 - 1995 ... I should have rented them out ...

You can buy a house in Hamilton for what your down payment in Toronto would be. My place has doubled in value in 3 years. 45 minute drive from downtown Toronto (off peak)

I'll echo what most people said here - likely a good idea to buy for the long term.

We moved from Muskoka to Toronto 4 years ago, because we wanted to be back in a big city, so it was a lifestyle decision for us. We swapped (from a money standpoint) a huge lakeside house for a decent sized condo right downtown. We have zero regrets.

I guess you have to ask yourself: Why are you considering moving?

Plus you get all that nice Stelco and Defasco aroma. :winkwink:

But...Ti-Cats are my team - so I can't dis The Hammer too much.

(love the shopping cart caravans on Barton St.) :1orglaugh

My cousin plays for the Ti-Cats :thumbsup

Hamilton is over 500,000 people and so much more than Barton St and closed-down steel plants. Regardless, industry pays plenty of municipal tax, keeping my annual property taxes lower than a renter's monthly payment. It has pockets of good and bad, but lower Hamilton is appreciating like crazy, with nearly every listing ending up in a bidding war, and sold in a few days. Like I said, my place has doubled in value in 3 years. I like equity.

Its clever move to buy house i Toronto

Who is Canadian Tony Blair? Aka Canadian traitor responsible for this?

I wanted to buy one for my mom as she is getting old and she is Asian so she want to move back to Scarborough from US, but after spending a week in Toronto I have decided not to buy one now. I think the market is in for a correction. Will wait and see

Jay

I suspect you may be right - the realty bubble has got to burst at some point.

We were lucky at the time we sold and got out - we bought low and sold for a very good profit in the late 80s.

A lot of Torontonians are looking at the Niagara region these days. Market values are very low and yet close enough to still commute to Toronto each day. If I was younger and could still tolerate the commute...that's what I'd be doing.

I will double in less than 20 yrs:2 cents:

Included inflation? :)
People usually compare prices like that without inflation in mind. Since inflation varies year by year, country by country, you do not get the actual increase numbers.

Actually the average detached home in Toronto is just over a million according to the star.

I miss you :Oh crap

Aw Kenny... <3

I'll add you to skype

45 minutes without traffic right? :winkwink:

Aside from the steel stink, I liked the few times I was in Hamilton. Is the fox and feather still open? They had the best wings... :thumbsup